Hawaii Life Insurance Exam Correctly Solved

Amount of time to notify the Commissioner of insurers name change - 30 days Amount of time to report any civil or administrative action taken against a producer - 30 days Amount of time producers have to remit received premiums to the insurer - 30 days Keep records of continuing education completion - 4 years Keep records of all insurance transaction - 5 years Fine for each intentional violation in 6 month period - $5,000 Fine for each unintentional violation - $1,000 Hawaii Insurance Code violation fine - $100-$10,000 Fee to plaintiff at summons of legal process - $12.00 Accelerated benefits - Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses Whole life insurance - Insurance that is kept in force for a person's entire life and pays a benefit upon the person’s death, whenever that may be. Accidental death benefits - A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death. Warranty - A material stipulation in the policy that if betrayed may void coverage.